Apple makes 3 billion dollar purchase
Apple made its largest acquisition to date with the 3 billion dollar purchase of Beats Electronics.
Beats, the high end headphone and music streaming company, is the brainchild of co-founders, rapper Dr. Dre and music mogul Jimmy Iovine.
The announcement comes nearly three weeks after negotiations about a possible deal first surfaced.
The deal will help the company remain a leader in digital music.
Apple was the first to revolutionize the music industry over a decade ago with the introduction of the iPod.
The deal will pay 2.6 billion in cash and 400 million in Apple stock that will vest over time.
Also, both Dr. Dre and Jimmy Iovine will join Apple as part of the deal.